After reaching an agreement with the American investment fund 777 Partners, Farhad Moshiri decided to sell his 94% ownership in the Premier League team Everton, which will result in the club having new owners.
The buyout would put an end to the turbulent tenure of the British-Iranian Moshiri, who made their first investment in the company in 2016.
It is anticipated that the transaction will be finalized by the end of 2023, subject to permission from the Premier League, the Football Association, and the Financial Conduct Authority.
Following the acquisition, ten of the twenty clubs competing at the highest level would be owned by Americans.
In a statement, Moshiri said, "The nature of ownership and financing of top football clubs has changed immeasurably since I first invested in Everton over seven years ago." Moshiri's initial investment in Everton was in 2010.
"The days of an owner/benefactor are seemingly out of reach for most people," and these days, the largest clubs are often owned by well-resourced private equity firms, specialised sports investors, or state-backed enterprises and funds.
"We are truly humbled by the opportunity to become part of the Everton family as custodians of the club," said Josh Wander, the founder of 777. "We consider it a privilege to be able to build on its proud heritage and values," he said.
"Our primary goal is to work with fans and stakeholders to develop the sporting and commercial infrastructure for the men's and women's teams that will deliver results for future generations of Everton supporters," said Everton's chief executive officer.
Everton are now 18th in the Premier League standings after collecting just one point from their first four games of the season. As a result, 777 are looking forward to the launch of their new "world-class" stadium.
They narrowly avoided relegation in each of the previous two seasons, including staying up with a victory on the penultimate day of the previous term, despite the fact that they are in turmoil both on and off the field.
Everton has denied any wrongdoing and stated that they are "prepared to robustly defend" their stance ahead of the club's appearance before an independent commission for an alleged infraction of the Financial Fair Play rules of the Premier League. This hearing is scheduled to take place the month after next.
The club reported financial losses for the fifth year in a row in March, bringing the total amount of money they've lost over the course of those five years to more than £430 million.
They are also in the process of building a new stadium on Bramley-Moore Dock, and estimates suggest that the project might end up costing as much as £760 million. This represents a $260 million increase over the figures that the club provided for the project the previous year.
"I have been open about the need to bring in new investment and complete the financing for our iconic new stadium at Bramley-Moore Dock, on the banks of the Mersey," said Moshiri, who has primarily financed the project up until this point. "I have been open about the need to bring in new investment."
"I have had conversations with a lot of different parties, and I have thought about various promising opportunities. Nevertheless, based on the in-depth conversations I've had with 777, I've come to the conclusion that they are the most qualified candidates to lead our fantastic club into the future, with all of the advantages of their multi-club investment model.
The statement was continued by Wander, who said, "We are committed to partnering with the local community over the long term, working on important projects such as the development of Bramley-Moore Dock as a world-class stadium venue, allowing thousands more Evertonians to attend our home matches and contributing to the economic and cultural regeneration of Merseyside."